Data analytics is a powerful tool allowing for greater insights into our business, local and global environments. It offers enormous potential for project professionals that potentially will lead to more informed decisions, more accurate identification of potential risks, and the potential to optimise project performance. There is a wealth of information hidden within projects and project data that is potentially the key to greater project success.
So how can we as project professionals tap into the transformative power of data analytics?
Before we answer that question let’s look at what we mean and understand by data analytics. Data analytics taps into the vast amount of data that is collected and stored across data environments by a wide array of systems and devices to uncover patterns, trends, and other insights that can inform business decisions.
Data will appear across a range of structures some of which are summarised as follows:
- Big data – Vast data sets that are difficult to process using traditional methods. Cheap and reliable storage availability has created enormous volumes.
- Metadata – Data that provides information about other data its purpose is to enrich the data sets
- Real-time data – Data presented as soon as it is captured (i.e. stock market data)
- Machine data – produced by machines without any human interaction
- Quantitative and qualitative data – quantitive is structured data sets held in rows and columns within databases whilst qualitative is unstructured data types like images, videos etc.
These simple steps will allow us to us data analytics to transform our projects:
- Establish a data culture: We need first to identify what data is needed, where and how to access it. This may not be easy if your current data repositories were not designed for this purpose or there is a lack of a data culture within our organisation. Poor organisational data cultures exhibit little discipline or structure with regards to data, with information collected and held haphazardly or without any true single source of truth. The first step on this journey is to cultivate a data-driven culture encouraging the collection, analysis, and utilisation of project data in a structured way.
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Invest in Data Infrastructure: Implement robust data infrastructure, to collect, store, and manage project data effectively. Examples of which are modern enterprise systems utilising cloud computing (Google, Microsoft etc).
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Develop Data Analytics Skills: Learn data analytics skills, including data mining, statistical analysis, and data visualisation techniques. Doing so will future proof your career. All project professionals should be adding these skills to their professional development. Start by understanding the fundamentals of data analytics then develop skills as to how extract, shape data sets, analyse patterns, trends and visualise. This may include learning tools such as PowerBi, Python, R, Excel, Google AutoML etc but make it specific to your organisation.
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Integrate Data Analytics Tools: Integrate data analytics tools into project management workflows to streamline data analysis and decision-making. As detailed in point 2 most modern enterprise systems have sophisticated data analytics tools. Example systems such as Microsoft use PowerBI for data visualisation, PowerAutomate for building and automating data workflows and of course Excel for analysis.
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Foster a Collaborative Environment: Encourage collaboration between data analysts and project managers to ensure that insights are translated into actionable strategies. More advanced analytics will require using data analyst professionals, working alongside PMs to provide reliable, focused, rich and actionable data that will greatly enhance any project capability.
So as project professionals what can we do with this data?
- Identify Patterns and Trends: Data analytics will uncover hidden patterns and trends within project data, revealing areas for improvement and potential risks.
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Predict Project Outcomes: Predictive modeling techniques enable project managers to forecast project outcomes with greater accuracy, allowing for proactive risk mitigation and resource allocation.
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Track Performance and Measure Success: Data analytics provides a holistic view of project performance, enabling project managers to track progress against key metrics and measure success.
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Data-Driven Decision Making: By leveraging data-driven insights, project managers can make informed decisions that optimise resource allocation, streamline processes, and enhance project outcomes.
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Continuous Improvement: Data analytics facilitates continuous improvement cycles, enabling project managers to identify areas for improvement and implement corrective measures.
- Real-Time Decision-Making: Data analytics tools enable project managers to access up-to-the-minute information about project progress, team performance, and potential roadblocks. This real-time insight empowers project managers to make informed decisions on the fly, keeping projects on track and responsive to changing circumstances.
- Customer-Centric Project Management: Understanding the needs and preferences of the end-user is a cornerstone of successful project delivery. Data analytics allows project managers to gain deep insights into customer behavior, preferences, and satisfaction levels. This customer-centric approach ensures that projects not only meet specifications but also exceed customer expectations, fostering long-term satisfaction and loyalty.
- Customised Reporting for Stakeholders: Stakeholder communication is a vital aspect of project management. Data analytics tools allow project managers to generate customized reports tailored to the specific needs of different stakeholders. Whether it’s a high-level overview for executives or a detailed breakdown for the project team, data analytics facilitates effective communication by delivering the right information to the right audience.
As the world continues to embrace the power of data, data-driven project management will become a cornerstone for success. So, as you navigate the intricate landscape of your next project, consider the untapped potential within your data—it might just hold the key to unlocking unprecedented success.
Keep a lookout on Maroon Training for a ‘data analytics for project managers’ course which is currently in development and we hope to launch in the future
Useful resources:
https://careerfoundry.com/en/blog/data-analytics/data-analysis-techniques/
https://www.comptia.org/content/guides/what-is-data-analytics
https://www.wrike.com/blog/data-analytics-project-management/